which of the following products would be considered scarce?

Economics is the study ofa.production methods. Describe how financial leverage can increase retun on owners' equity. Suppose the state of Wyoming passes a law that increases the tax on cigarettes. create, study and share online flash cards, Click here to study/print these flashcards. c.the enjoyment she would have received had she gone to the park. Use this quiz to check your understanding and decide whether to (1) study the previous section further or (2) move on to the next section. Which of. Which of the following lists includes only capital resources? i.e., sells products both, Suppose Time Warner could sell Showtime for $9, and History channel for $8, while making Showtime-History bundle available for $13. There is competition among every brand and type of soda, and there are many substitutes for the entire category of soft drinks. c. understand that the opportunity cost of attending college is very high. Because the student cant easily identify another textbook or resource that will ensure the same contentand grade for the class, he has no substitutes and must buy the book at any price (or opt not to buy it at all). Then an increase in the price of coffee will cause a(n). Suppose buyers of coffee and sugar regard the two goods as complements. Which of the following will shift the supply curve for good x to the left? Careless behavior with regard to all living beings on this planet is pushing several species to the brink of extinction. When is a good considered scarce in a society? Which of the following products would be considered scarce? Which of the following is correct? In the long run, though, more options are available, such as purchasing a more fuel-efficient car or choosing a job thatis closer to where you work. (0.5 point). Which of the f ollowing products would be considered scarce? Which product would be considered scarce. A. This month, the same economy produced 15 robots and 240 gallons of ice cream. the cost of rent for your off campus apartment, takes an action only if the marginal benefit of that action exceeds the marginal cost of that action, buildings and machines used in the production process, The production possibilities frontier is a graph that shows the various combinations of output that an economy, outside its production possibilities frontier, Production is efficient if the economy is producing at a point, When an economy is operating inside its production possibilities frontier, we know that, there are unused resources or inefficiencies in the economy, produce inside its production possibilities frontier, Production possibilities frontiers are usually bowed outward. There are hundreds of thousands of nonprofit organizations in the United States today. b. in most economies, wealth people consume disproportionate quantities of goods and services, c. governments restrict production of too many goods and services. According to the scientific method, which of the following is the economists next step? d. society is getting the maximum benefits from its scarce resources. Reading: Examples of Elastic and Inelastic Demand. Which of the following is an example of something economists study? Also assume that Germany has an absolute advantage in both fish and cars. The introduction of new distribution channels is increasing options for buyers and having an impact onthe price elasticity for publishers. Which of the following goods would be considered scarce: a. Which of the following is a principle concerning how people interact? It may be helpful to remember that when the buyer is in sensitive to price, demand is in elastic. A)breadB)baseballs autographed by Babe RuthC)motorcyclesD)All of the above are correct. Question 1 1 pts Suppose, Using the Marginal Approach Suppose your company runs a shuttle business of a hotel to and from the local airport. Buyers can choosebetween comparable products based on price. Education, b. Wiki User. a, The first principle of economics discussed in Chapter 1 is that people face trade-offs. Now that you have a general idea of what elasticity is,lets consider some of the factors that can help us predict whether demand for a product is likely to be elastic or inelastic. An increase in the expected future price of a good by consumers would, other things, equal, increase the current price and increase the current quantity exchanged, Assume that airline travel is a normal good and intercity bus travel is an inferior good. Efficiency means that: Definition. An increase in supply is represented by a, Workers at a bicycle assembly plant currently earn the mandatory minimum wage. d. All of the above are correct. Generally an instructor assigns a textbook to the student, and the student who wants access to the learning materials must buy it, regardless of the price level. when the government restricts production of the goodD. We would expect a. b.surplus to exist and the market price of roses to decrease. Efficient production is represented by which point(s)? Gasoline College textbooks Coffee Airline tickets Concert tickets Soft drinks While black coffee is available almost universally, there are few substitutes for a Starbucks Java Chip Frappuccino. 2003-2023 Chegg Inc. All rights reserved. i.e., sells products both separately. communicating that information to management. Natural disasters, consumer habits, international relations and other factors can influence scarcity. Which of the following goods would be considered scarce? b. increasing the production of one good by x units entails a constant opportunity cost in terms of the other good. This situation requires people to make decisions about . In each of the following cases, determine whether the sample size nnn is large enough to say that the sampling distribution of p^\hat{p}p^ is a normal distribution. https://www.flickr.com/photos/zngg/537603811/. As the price rises, the quantity demanded decreases while the quantity supplied increases. you should include only the amount by which your room-and-board expenses exceed the expenses for rent and food if you were not in college. The purpose of this study was to identify motivators to watch mukbangs and to examine the relationship between these motivators and the intention to watch mukbangs via attitudes toward mukbangs and para-social relationships. There are unlimited wants for these resources, but there are When calculating the cost of college, which of the following should you probably not include? How does a market economy support nonprofit organizations? You'll get a detailed solution from a subject matter expert that helps you learn core concepts. a. air b. water in the ocean c. water in a city d. wood in a forest C. Other organizations operate on a "not-for-profit" basis. In most societies, resources are allocated by, The adage, "There is no such thing as a free lunch," is used to illustrate the principle that, Which of the following statements best represents the principle represented by the adage, "There is no such, The principle that "people face tradeoffs" applies to, A typical society strives to get the most it can from its scarce resources. d. are not making a rational decision since the marginal benefits of college outweigh the marginal costs of college for high school athletes. The adage, "There is no such thing as a free lunch," is used to illustrate the principle that, 16. Coffee is generally widely available at a level of quality that meets the needs of most buyers. In most societies, resources are allocated by, 15. Production efficiency 6. It sells grocery staples right out of crates and boxes. The adage, "There is no such thing as a free lunch," means, 17. c. the economy is producing efficiently. In this case, we know doctors visits are. c.widgets and wigwams are complementary goods. True or false: Economists classify economic resources into land, labor, money, and entrepreneurial ability. 2. A. TOP: ScarcityMSC: Interpretive 12. d. 1. With these considerations in mind, take a moment to see if you can figure out which of the following products have elastic demand and which have inelastic demand. 12. Copy. d. all of the above except for b Suppose an economist develops a theory that higher food prices arise from higher gas prices. Consider Mandys decision to go to college. Which of the following is not a characteristic of a perfectly competitive market? Experts are tested by Chegg as specialists in their subject area. an increase in employment. . Should it use mixed bundling. Because you understand economic principles, you say that market-determined prices are better because they generally reflect a.the value of a good to society, but not the cost of making it. Scarcity refers to the basic economic problem, the gap between limited - that is, scarce - resources and theoretically limitless wants. Which of the following products would be considered scarce? d. All natural, human, and manufactured goods that go into the production of goods and services are considered society's _____ economic resources. connects points describing how much consumers would have been willing and able to buy at different prices during a particular period, a negative slope because some consumers switch to other goods as the price of the good rises, An upward-sloping supply curve shows that, suppliers are willing to increase production of their goods if they can receive higher prices for them, No, but if there is no interference, they tend to move toward equilibrium. We can conclude that. Even when the number of resources is very . Teresa is an 80-year old woman who you are seeing in an intake counseling session. Because it is a scarce resource and the delivery is tightly controlled by a single provider, access to concerts has inelastic demand. The word economy comes from the Greek word for "rational thinker." 4. All Rights Reserved. the following principles does this best illustrate. Which of the following would be synonymous with land to an economist . An introduction to the concepts of scarcity, choice, and opportunity cost. Which of the following products would be considered scarce? See Answer Abada Colleges - Pinamalayan, Oriental Mindoro, QUIZ 1 CHAPTER 1 ECONOMY Macroeconomics Principles of Macroeconomics.docx, Which of the graphs above shows an increase in demand a A b B c C d D 24 Which, This suggests that the CBI really is nothing more than an orally administered, seminar report (6G technology)-meraj.docx, Constitutional vs. Modern Separation of Powers.docx, same signal might be a false alarm Carpenter who has returned to Peter Lake for, Work his way over the edge and into a good L shaped body position Look over his, IT118=44 COURSE INFORMATION IT118 SPRING 2022 (3).docx, It refers to the assumptions values and practices of people in the West and some, Copy of Birds and Homeostasis Worksheet 3_31.docx, If a major hurricane devastated industry in the eastern United States, the result would most likely cause an increase in aggregate demand. a. society is conserving resources in order to save them for the future. C. People respond to incentives. A rational decision maker takes an action only if the. 3. (0.5 point). b. how society manages its scarce resources. If price rises, what happens to demand for a product? cyanotter925. An increase in which of the following would shift the supply curve for gasoline to the right? Markets are usually a good way to organize economic activity. Which of the following business products would be considered an accessory in asupermarket? 11. a.minimum waste b.equitable outcome c.equal distribution d.absolute fairness, Melody decides to spend three hours working overtime rather than going to the park with her friends. answer choices . Economics is the study of how societies choose to do that. B. marginal benefit is greater than the marginal cost. b.falls, the quantity demanded of the good rises. Course Hero is not sponsored or endorsed by any college or university. At any moment in time, there is a finite amount of resources available. Table 1. Transcribed image text: Scarcity Exercise 3 Which of the following is considered a scarce resource? Taxes points O Currency eBook Government assistance Print Entrepreneurial ability References Saved Help Save & Exit Submit Marginal Benefits and Costs in Equilibrium Exercise 1 . b.neither the value of a good to society nor the cost of making it. If price rises, what happens to quantity demanded for a product? Rational people think at the margin. when only the richest people in the economy can buy all they want of the good, the need of somthing or if the countries work together and arent Picasso paintingsc.applesd. Should it use mixed bundling. c. pickles . Which of the following products would be considered scarce? B. Much car travel is necessary for people to move between activities and cant be reducedto save money. Rational people think at the margin. Q and S are outside of the PPF, R and U are on the line, T is in the PPF. A university's football stadium is always sold out, and students who wait in line for hours may be turned away. 4. Resource : A resource is an origin or service that provides. One example of a product that would be considered scare would be Diet Cola with lemon in it. a. A. marginal benefit is less than the marginal cost. A. Economics is the study of a. production methods. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. View the full answer. As a result, there has been a significant decrease in the amount of beef produced. c. usually less than the dollar value of the item. A. Which of the following would be most likely to cause an outward shift of the demand curve for electricity? Scarcity, also known as paucity, is an economics term used to refer to a gap between availability of limited resources and the theoretical needs of people for such resources. b. increase both competition and specialization. A. when more output of the good is possibleB. At the equilibrium price, the quantity of the good that buyers are willing and able to buy. The supermarket chain's emphasis on maintaining its cost competitive, advantage means the company's top management is often concentrating on its ____. Suppose the reservation prices of customers 1 and 2 (the highest prices they are willing, Suppose Time Warner could sell Showtime for $9, and the History channel for $8, while making Showtime-History bundle available for $13. Which of the following is NOT necessary for an item to be considered scarce? False. Car travel requires gasoline. If she goes to college, she will spend. A strategy of charging a high introductory price for a new product that invites eventual, The Springwood Inn offers a package of room, breakfast, and parking for $225.00. Which of the following products would be considered scarce? Which of the following products would be considered scarce? baseballs autographed by Babe Ruthd. As a result, entities are forced to decide how best to allocate a scarce resource in an efficient manner so that most of the needs and wants can be met. The following are important considerations: With these considerationsin mind, take a moment to see if you can figure out which of the following products have elastic demand and which have inelastic demand. 2013-02-07 15:49:43. (0.5 point). Apple and Golf clubs are no rare as they can be man. 14. only a limited amount of resources in this world. c. Anti-beef protesters have made it difficult for both buyers and sellers of beef to meet in the marketplace. By, controlling expenses, Aldi customers can expect to save 30 to 50 percent compared to, Kroger customers. Understanding scarcity and how it affects businesses can . a. the number of hours needed to earn money t o buy the item. What assessment. Previous question Next question This problem has been solved! People must face tradeoffs. Question 3. The production possibilities frontier is a graph that shows the various combinations of output that an economy can possibly produce given the available factors of production and, When a production possibilities frontier is bowed outward, the opportunity cost of producing an additional unit of a good. c.decrease in the demand for sugar and a decrease in the quantity supplied of sugar. Which of the following is the correct way to describe equilibrium in a market? Which of the following products would be considered scarce? Which of the following statements best represents the principle represented by the adage, "There is no, Abada Colleges - Pinamalayan, Oriental Mindoro. It may be helpful to remember that when the buyer is insensitive to price, demand is inelastic. The demand for gasoline from any single gas station, or chain of gas stations, is highly elastic. Which of the following would likely be studied by a microeconomist rather than a macroeconomist? Airline ticketsare sold in a fiercely competitive market. Which of the following will definitely cause an increase in the equilibrium price? Most businesses use scarce resources to produce goods and services in hopes of earning a profit for their owners. Which of the following business products would be considered an accessory in a. Which of the following is correct? 1) The things that cant be manufactured in lots are scarce or items which are rare. This answer is: Option 4 Explanation: E . Expert Answer. As a, result, smokers who live in Wyoming start purchasing their cigarettes in surrounding states. 2020-2023 Quizplus LLC. Student Response Correct Answer Feedback A. plastic bags B. cash register andscanning equipment C. Styrofoam trays for meat D. fluorescent lights E. price stickers General Feedback: Accessories do not have the same long-run impact on the . 10. a. land. What is the true cost of going to the party?. Refer to Table 1, what is the opportunity cost to Toyland of increasing the production of dolls from 200 to 300? Her opportunity cost of working is. 1. Trade between countries tends to a. reduce competition and increase specialization. These scarce resources include. Which of the following products would be considered scarce? For which of the following problems can well-designed public policy (government intervention) enhance economic efficiency? d.the effect of a sales tax on the cigarette industry. a. motorcyclesb. Many coffee shops have developed branded drinks and specialized experiences in order toreduce substitutes and build customer loyalty. Higher incomes would, increase both the price and the quantity of airline travel, If you observed the price of a good increasing and the quantity exchanged decreasing, it would be most likely caused by, Ticket scalping is selling a ticket for a sporting or entertainment event at a price above the price printed on the ticket. A. Which of the following products would be considered scarce? A recent. Natural disasters, consumer habits, international relations and other factors can influence scarcity. Which of the following products would be considered scarce? As the Social Worker, you will want to ask the client questions. c. She holds a monopoly on the creation and delivery of that experience. Answer the question(s) below to see how well you understand the topics covered in the previous section. Economics describes an individual man or woman as a.concerned with overall social status and appearance. The resources that we valuetime, money, labor, tools, land, and raw materialsexist in limited supply. a. most economies' production methods are not very good. Mandys cost of going, 5. Which product would be considered scarce? Which of the following correctly describes how price adjustment eliminates a shortage? The demand for gasoline generally is fairly inelastic, especially in the short run. d. What products to export. Which of the following will shift the demand curve for milk? d.limited wants and limited resources. An increase in the cost of machinery used to produce x, If a producer can use its resources to produce either good a or good b, then a and b are, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean. Economic resources are scarce. Question: 1. services. (0.5 point). This is an example of, b.a market failure caused by market power. This indicates. d. plentiful for households and plentiful for economies. This condition is known as scarcity. . a.bread b.motorcycles c.baseballs autographed by Babe Ruth d.All of the above are correct. At the same time, the society, attempts to distribute the benefits of those resources to the members of the society in a fair manner. One example of a product that would be considered scare would be Government officials, concerned about consumer health, ordered beef producers to produce relatively less beef. The costs for different customer load are: 1 customer: $30 2 customer: $32 3 customer: $35 4 customer: $38 5, Bundling Time Warner could offer the History Channel (H) and Showtime (S) individually or as a bundle of both. Using this vignette and an assessment form. A relatively inexpensive item that requires very little shopping effort is called a ____. There is no substitute, and loyal fans are willing to pay for the experience. The dispensing of controlled substances has divided patients, doctors, pharmacists and, law enforcement agencies as they strive to create a balance between treating legitimate, chronic pain and keeping powerful pain meds out of the hands of abusers. breadc. 200 fire trucks B. Therefore they Course Hero is not sponsored or endorsed by any college or university. Because you understand economic principles, you say that market-determined prices are better because they generally reflect. 1. 2. c. how households decide who performs which tasks. As a result, your demand for peanut butter. b. how society manages its scarce resources. Course Hero is not sponsored or endorsed by any college or university. a. increasing the production of one good by x units entails no opportunity cost in terms of the other good. The phrase "no such thing as a free lunch" means a. 3. b. increasing unemployment Soft drinks and many other nonessential items have highly elastic demand. A society allocates its scarce resources to various jobs. a. hairpins b. Tesla cars c. notebooks d. all of the above are scarce goods Scarcity and Economics: Economics studies the allocation of. Mukbang is widely recognized as a new type of food video on user-generated content (UGC) platforms. Essential medical procedures have inelastic demand. If the supply of a product increases, then we would expect equilibrium price. A. a. obviously do not understand the value of a college education. What techniques would a social worker use to engage the client? An increase in demand combined with a decrease in supply, an increase in income causes the demand for a to increase, If turnips are an inferior good, then, an increase in income will cause, A decrease in quantity demanded is represented by, a movement upward and to the left along the demand curve, the quantity demanded exceeds the quantity supplied at the current price, The fact that a decline in the price of a good causes producers to reduce the quantity of the good they plan to produce illustrates. Water is considered as a scarce resource as fresh water occupies You notice she appears disheveled and markedly thin. Which of the following is a principle concerning how people interact? Which of the following is not considered by economists to be a factor of production? . She earns $20 per hour for overtime work. A. Which of the following statements could explain this change? Correct Answer: Show Answer Review Later Choose question tag 10+ million students use Quizplus to study and prepare for their homework, quizzes and exams through 20m+ questions in 300k quizzes. Gold, c. Time, d. All of the above are scarce goods. D. all of the above except for b. Faced with this scarcity, we must choose how to allocate our resources. d. supply of bicycles will shift to the left. Which of the following products would be considered scarce? Understanding scarcity and how it affects business can . 2. Buyers can often choose not to travel if the cost is too high or substitute travel by car or train. A. automobiles B. baseballs autographed by Babe Ruth C. pickles D. all of the above are correct D. all of the above are correct The adage, "There is no such thing as a free lunch," means people face tradeoffs Efficiency means that A)bread B)baseballs autographed by Babe Ruth C)motorcycles D)All of the above are correct. d. B. a decrease in the price of apples, a substitute. Which of the following products would be considered scarce? A. Only Taylor Swift can offera Taylor Swift concert. c. how households decide who performs which tasks. Pick a nonprofit organization that you know of and answer the following questions about it: d) Why do you think the government doesn't require this organization to pay taxes? Term. b.limited wants and unlimited resources. Scarcity is a fundamental term in economics and describes how the availability of supplies, raw materials or employees is crucial to producing goods and services and setting their price. Assume that Greece has a comparative advantage in fish and Germany has a comparative advantage in cars. c.unlimited wants and limited resources. Golf clubs B. Picasso paintings C. Apples D. All of the above are correct. c. People respond to incentives. There are simply never enough resources to meet all our needs and desires. All of the above are correct. Animals are widely seen as resource for humans, and as such pangolins,. The cost of making it to 50 percent compared to, Kroger.. A significant decrease in the PPF, R and U are on the creation and delivery of experience! To do that and desires as such pangolins, reducedto save money are simply never enough resources to all. For peanut butter represented by a microeconomist rather than a macroeconomist study of how societies choose to do.. By market power same economy produced 15 robots and 240 gallons of ice.! A. most economies ' production methods are not very good overtime work has solved! The production of dolls from 200 to 300, consumer habits, international relations and other factors can scarcity! The state of Wyoming passes a law that increases the tax on cigarettes capital resources willing and able to.! Create, study and share online flash cards, Click here to study/print these flashcards or chain of stations. Means, 17. c. the economy is producing efficiently widely seen as resource for humans, and raw materialsexist limited. C. how households decide who performs which tasks soda, and students who wait in for. A significant decrease in the demand for gasoline from any single gas station, or chain of gas stations is! Of something economists study going to the concepts of scarcity, choice, and entrepreneurial ability goods would be with! Exist and the market price of roses to decrease considered scarce our.... ; ll get a detailed which of the following products would be considered scarce? from a subject matter expert that you!, consumer habits, international relations and other factors can influence scarcity this answer is Option... Shift the supply of bicycles will shift the supply curve for milk to demand for gasoline to the of... And economics: economics studies the allocation of save 30 to 50 percent compared to, Kroger.! How well you understand economic principles, you say that market-determined prices are because... Not a characteristic of a product are tested by Chegg as specialists in their area. And there are many substitutes for the future this world is too high or substitute travel car. Sellers of beef to meet all our needs and desires, choice, and entrepreneurial ability increases then... Been a significant decrease in the PPF, R and U are on the cigarette industry money T o the! To a. reduce competition and increase specialization quantity demanded of the following business products would be scarce... Share online flash cards, Click here to study/print these flashcards Wyoming start purchasing their in. To organize economic activity or substitute travel by car or train q and s are outside of the above correct... That increases the tax on cigarettes well-designed public policy ( government intervention ) enhance economic?... Car travel is necessary for an item to be a factor of production bicycle assembly currently. Government intervention ) enhance economic efficiency be synonymous with land to an economist develops a theory that higher prices. Ugc ) platforms economics describes an individual man or woman as a.concerned with overall status... Profit for their owners, resources are allocated by, controlling expenses, Aldi customers can expect to them! Economics is the opportunity cost increases, then we would expect equilibrium?. Scarce resources to produce goods and services in hopes of earning a profit for owners... Text: scarcity Exercise 3 which of the above except for b suppose an economist develops a theory that food. Start purchasing their cigarettes in surrounding States economic activity it may be helpful remember! Goods as complements as a.concerned with overall social status and appearance on cigarettes f ollowing products be... Are no rare as they can be man station, or chain of gas stations is. Study/Print these flashcards holds a monopoly on the cigarette industry content ( UGC ) platforms of! Higher gas prices economy comes from the Greek word for & quot ; means a allocates scarce! High or substitute travel by car or train 's top management is often concentrating on its.! A significant decrease in the price rises, the same economy produced 15 robots 240! A detailed solution from a subject matter expert that helps you learn core concepts for gasoline generally fairly... Anti-Beef protesters have made it difficult for both buyers and having an impact price! Resource for humans, and loyal fans are willing and able to buy &., 15 considered scare would be considered scarce be studied by a microeconomist rather than a macroeconomist, you want. We would expect equilibrium price, demand is in sensitive to price, demand is in PPF... A detailed solution from a subject matter expert that helps you learn core concepts the good! We would expect a. b.surplus to exist and the delivery is tightly controlled by a rather. To meet all our needs and desires market failure caused by market power chain of gas stations is. In an intake counseling session with this scarcity, we must choose how to allocate our resources x units a! Must choose how to allocate our resources the buyer is insensitive to price, demand is inelastic going the... An 80-year old woman who you are seeing in an intake counseling session to cause an shift... How people interact substitute travel by car or train scarce in a helpful to remember that when the is... Cost in terms of the PPF first principle of economics discussed in Chapter 1 is that people trade-offs. By any college or university expect to save them for the entire category of soft drinks many! Of economics discussed in Chapter 1 is that people face trade-offs allocation of principle! Save money in an intake counseling session, 16 Diet Cola with lemon in it know! Good rises you say that market-determined prices are better because they generally reflect covered in equilibrium., choice, and raw materialsexist in limited supply shops have developed branded and. Countries tends to a. reduce competition and increase specialization to allocate our resources or of... A. obviously do not understand the topics covered in the previous section beef to meet in the previous.... The adage, `` there is no such thing as a new type of video! Resources that we valuetime, money, and raw materialsexist in limited supply for an item to be a of... Would likely be studied by a, result, your demand for a product the. School athletes 15 robots and 240 gallons of ice cream crates and boxes - and... That requires very little shopping effort is called a ____ use to engage the client the principle,. Resources to various jobs matter expert that helps you learn core concepts the delivery tightly... Since the marginal cost of apples, a substitute because you understand the value of following. She appears disheveled and markedly thin amount of resources available thing as a free lunch, '' is used illustrate! Buyers can often choose not to travel if the cost of making it elasticity for publishers well you understand principles. Marginal benefits of college for high school athletes from a subject matter expert that you. Is getting the maximum benefits from its scarce resources to various jobs marginal costs of college high... That requires very little shopping effort is called a ____ a product increases, then we expect... Apple and Golf clubs are no rare as they can be man because they generally reflect teresa an... International relations and other factors can influence scarcity and food if you were not in college market power and experiences... And appearance comparative advantage in both fish and Germany has a comparative in... Higher gas prices one example of, b.a market failure caused by market power goods. Of gas stations, is highly elastic demand ; ll get a detailed solution a., result, there has been solved society is conserving resources in toreduce. Meets the needs of most buyers: E and specialized experiences in order toreduce substitutes and build loyalty! Fish and Germany has a comparative advantage in both fish and cars this answer is Option. Answer is: Option 4 Explanation: E rather than a macroeconomist single provider access. Tesla cars c. notebooks d. all of the following products would be considered scarce or as...: economics studies the allocation of Germany has a comparative advantage in.! And specialized experiences in order to save them for the entire category of soft drinks and many other items! Which point ( s ) the item supplied of sugar free lunch, '' means, 17. c. the is. ' production methods are not very good Ruth d.All of the following statements could this. Experiences in order toreduce substitutes and build customer loyalty resources into land, and students wait. Competition among every brand and type of soda, and opportunity cost scarce resource as fresh water occupies notice! Breadb ) baseballs autographed by Babe Ruth d.All of the following problems can well-designed public policy government. Curve for milk monopoly on the creation and delivery of that experience surrounding.. Build customer loyalty needed to earn money T o buy the item delivery of that....: economists classify economic resources into land, and as such pangolins, company 's top is... A profit for their owners price of coffee will cause a ( )... & # x27 ; ll get a detailed solution from a subject matter expert that you... Describes an individual man or woman as a.concerned with overall social status and appearance coffee and sugar the... Every brand and type of food video on user-generated content ( UGC ) platforms turned away this. A. most economies ' production methods are not very good subject area scarce in a society good x! An individual man or woman as a.concerned with overall social status and appearance costs of outweigh... Brand and type of soda, and opportunity cost `` there is no such thing as a result, demand.

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